Taxation of capital gains and income
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brittani
Apprentice
Joined: 05 Feb 2008
Posts: 3
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 Posted: 09/12/09 - 08:13 Post subject: |
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| My brother and I inherited two houses from our grandparents. We both have families and we own our houses and we considered renting them for a while but we decided to sell them. We don’t have much experience with this and I’m interested in finding more about taxation of capital gains and income. Is there a way to avoid paying capital gains tax? |
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hercule
Apprentice
Joined: 31 Mar 2008
Posts: 10
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| Posted: 10/11/09 - 22:44 Post subject: |
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| If you sell or give away an asset, you are obliged to pay capital gains tax because you gained income from it. Since the two of you already have your houses, it’s not possible to avoid tax because in some cases it may be possible, but only when you’re selling your residential home. However, if you decide not to sell you can transfer your property to your husband without paying CGT.CGT is taxable every year and is charged on the total of your taxable gains.The exact amount of capital gains tax depends on your overall income. |
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